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Byron earnings decline to £500,000 as revenues dip following CVA closures

26 July 2019 by
Byron earnings decline to £500,000 as revenues dip following CVA closures

Adjusted earnings at casual dining chain Byron Burgers declined from £4.7m to £500,000 for the year ending 24 June 2018, following the closures of 16 sites in the brand's portfolio.

The results, which incorporate the actions taken by the firm following its CVA process, which was agreed in January 2018, reported a decline in like-for-like sales of 4.7%.

Revenues also dropped across the period, falling by 5.9% to £82.8m from £88m, while the company's pre-tax loss diminished from £54.7m in 2017 to £47.2m.

Byron Hamburger's trading was buoyed slightly by sales through Deliveroo, as sales through the food delivery app rose by 14%.

As well as citing an increasingly competitive market and the growth of home delivery, the brand cited London business rates, the national living wage and rent increases as having added to the headwinds affecting its adjusted earnings.

The results noted: "Notwithstanding restaurant closures during the year, the like-for-like [sales] performance across the existing estate is an indication of the increasing intensity of competition, increased focus on convenient at-home dining and difficult economic conditions facing the casual dining sector."

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